Retail News Breaks Archives
Biggest drug chains move up in Fortune 500
April 15th, 2010
NEW YORK – The nation's three largest drug store chains — CVS Caremark Corp., Walgreen Co. and Rite Aid Corp. — moved up this year on the Fortune 500 list of the biggest U.S. companies.
CVS Caremark ranked 18th on the 2010 Fortune 500 list, up from 19th last year. The company operates retail drug store and pharmacy benefit management businesses. Of CVS Caremark's total sales of $98.73 billion, $55.36 billion comes from its retail pharmacy arm.
"The success of our business model is based on our ability to bring unique perspectives to the challenge of improving health outcomes while managing costs," CVS Caremark chairman and chief executive Tom Ryan said in a statement Thursday on the Fortune 500 ranking. "As we continue to design new approaches to delivering pharmacy services in both retail and pharmacy benefit management settings, and as we continue to advance the health care community's understanding of how prescription drugs can be used more effectively, we are excited about the prospects for long-term growth."
Walgreens, meanwhile, climbed to No. 32 on the Fortune 500 this year with revenue of $63.34 billion, up four slots from the 2009 list. And Rite Aid made an even bigger jump, rising to 89th on the 2010 list with revenue of $26.29 billion from No. 100 last year.
The 2010 Fortune 500 list is live online now, and the full report is slated to appear in Fortune magazine's May 3 issue due out next week.
By industry, CVS ranked No. 1 on the Fortune list for food and drug stores. Walgreens finished third in that sector, and Rite Aid was sixth.
Rounding out the top 10 among food and drug stores on the Fortune ranking were Kroger at No. 2 (23rd on the overall Fortune 500 list), Supervalu at No. 4 (47th overall), Safeway at No. 5 (52nd overall), Publix Super Markets at No. 7 (99th overall), A&P at No. 8 (247th overall), Whole Foods Market at No. 9 (284th overall) and Winn-Dixie Stores at No. 10 (306th overall).
Other retail drug store operators on the overall 2010 Fortune 500 list, which ranks companies by revenue, included Walmart (1st), McKesson (14th), Cardinal Health (17th), Costco (25th), Target (30th), Sears Holdings/Kmart (48th) and Nash Finch (400th).